As previously announced, Marathon Oil anticipates divestitures
of $1.5 billion to $3 billion over the period of 2011 through 2013
in an ongoing effort to optimize the Company's portfolio for
profitable growth. To date, the Company has entered into agreements
for approximately $1.1 billion in divestitures, of which more than
$700 million have been completed.

Included in the $1.1 billion noted above is the pending sale of
the Company's Alaska Cook Inlet assets for $375 million, subject to
purchase price adjustments. This transaction is currently under
review by the Federal Trade Commission and the Alaska Attorney
General's office, which could impact the closing of this
transaction.

In addition to these efforts, Marathon Oil has engaged in
discussions with respect to a potential sale of a portion of the
Company's 20 percent outside-operated interest in the Athabasca Oil
Sands Project in Alberta, Canada. Given the uncertainty of such a
transaction, potential proceeds have not been included in the
Company's guidance of $1.5 billion to $3 billion in
divestitures.

After making a substantial investment in the South Texas Eagle
Ford resource play in 2011, Marathon Oil has acquired or reached
agreements in principle to acquire almost 25,000 additional net
acres in the core of the play at an approximate cost of $1 billion
so far in 2012. The two major transactions were the acquisition of
Paloma Partners II LLC, whereby the Company acquired over 17,100
net acres at a cost of $750 million, and a pending acquisition of
approximately 4,300 net acres for a currently estimated $227
million, both excluding purchase price adjustments. The Paloma
acquisition closed in August, while the pending transaction is
expected to close in the fourth quarter 2012. The acreage in the
pending acquisition overlaps Marathon Oil operated acreage, is
currently producing 2,900 net barrels of oil equivalent per day
(BOED) and will add 40 net drilling locations to Marathon Oil's
inventory.

This is expected to bring Marathon Oil's position in the core of
this liquids resource play to approximately 225,000 net acres. The
Company has an additional 100,000 non-core net acres, which the
Company is currently marketing for sale. The disposition of this
acreage will not impact the Company's previously disclosed target
of 120,000 BOED by 2016 from the Eagle Ford.

The Company will host its previously announced third quarter
financial results webcast and conference call on Tuesday, Nov. 6 at
2:00 EST. The Company anticipates providing an expanded update on
current operations across its resource plays and exploration
prospects. The webcast is expected to last approximately 90 minutes
and can be accessed at http://www.Marathonoil.com.

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This release contains forward-looking statements with
respect to projected asset dispositions, the sale of the Company's
Alaska assets, discussions with respect to a potential sale of a
portion of the Company's 20 percent interest in the Athabasca Oil
Sands Project (AOSP), an additional acquisition in the Eagle Ford
resource play, marketing of 100,000 net non-core acres in the Eagle
Ford resource play and production estimates for the Eagle Ford
resource play. The projected asset dispositions are based on
current expectations, estimates and projections and are not
guarantees of future performance. Actual results may differ
materially from these expectations, estimates and projections and
are subject to certain risks, uncertainties and other factors, some
of which are beyond the Company's control and difficult to
predict. The completion of the sale of the Company's Alaska
assets is subject to necessary government and regulatory approvals
and customary closing conditions. The potential sale of a
portion of the Company's interest in the AOSP and the potential
sale of 100,000 net non-core acres in the Eagle Ford resource play
are subject to successful negotiations and execution of definitive
agreements. The additional acquisition in the Eagle Ford
resource play is subject to execution of final agreements and to
customary closing conditions. Factors that could affect the
expected production in the Eagle Ford include pricing, supply and
demand for liquid hydrocarbons and natural gas, the amount of
capital available for exploration and development, regulatory
constraints, timing of commencing production from new wells,
drilling rig availability, unforeseen hazards such as weather
conditions, acts of war or terrorist acts and the governmental or
military response thereto, and other geological, operating and
economic considerations. The foregoing factors (among others) could
cause actual results to differ materially from those set forth in
the forward-looking statements. In accordance with the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995, Marathon Oil Corporation has included in its Annual Report
on Form 10-K for the year ended December 31, 2011, and subsequent
Forms 10-Q and 8-K, cautionary language identifying other important
factors, though not necessarily all such factors, that could cause
future outcomes to differ materially from those set forth in the
forward-looking statements.